Permian Resources (NASDAQ:PR) Earns “Buy” Rating from Bank of America

Permian Resources (NASDAQ:PR)‘s stock had its “buy” rating reaffirmed by equities researchers at Bank of America in a report released on Friday, Marketbeat reports. They currently have a $20.00 target price on the stock. Bank of America‘s price target points to a potential upside of 32.98% from the company’s current price.

Several other research firms also recently weighed in on PR. Benchmark restated a “buy” rating and issued a $17.00 price target on shares of Permian Resources in a research note on Tuesday, April 23rd. Stifel Nicolaus lifted their price target on Permian Resources from $18.00 to $20.00 and gave the stock a “buy” rating in a research report on Friday, March 22nd. Royal Bank of Canada reiterated an “outperform” rating and issued a $17.00 price target on shares of Permian Resources in a research note on Friday, April 12th. Susquehanna raised their price objective on shares of Permian Resources from $16.00 to $18.00 and gave the company a “neutral” rating in a research note on Monday, April 22nd. Finally, JPMorgan Chase & Co. upped their target price on shares of Permian Resources from $18.00 to $20.00 and gave the stock an “overweight” rating in a research note on Friday, April 12th. One analyst has rated the stock with a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $20.31.

Permian Resources Stock Performance

Shares of PR stock opened at $15.04 on Friday. The company’s fifty day moving average price is $16.61 and its 200-day moving average price is $15.23. The stock has a market cap of $11.58 billion, a PE ratio of 13.67 and a beta of 4.26. The company has a current ratio of 0.55, a quick ratio of 0.55 and a debt-to-equity ratio of 0.42. Permian Resources has a 12 month low of $9.79 and a 12 month high of $18.28.

Permian Resources (NASDAQ:PR) last issued its quarterly earnings results on Tuesday, May 7th. The company reported $0.42 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.36 by $0.06. The company had revenue of $1.24 billion during the quarter, compared to analysts’ expectations of $1.17 billion. Permian Resources had a net margin of 13.90% and a return on equity of 11.43%. On average, equities analysts expect that Permian Resources will post 1.8 EPS for the current fiscal year.

Insider Transactions at Permian Resources

In related news, Director Jeffrey Tepper sold 65,000 shares of the stock in a transaction that occurred on Wednesday, May 15th. The shares were sold at an average price of $16.42, for a total value of $1,067,300.00. Following the transaction, the director now owns 158,665 shares in the company, valued at approximately $2,605,279.30. The sale was disclosed in a filing with the SEC, which is available through this link. Insiders own 12.80% of the company’s stock.

Hedge Funds Weigh In On Permian Resources

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Azzad Asset Management Inc. ADV raised its holdings in shares of Permian Resources by 2.0% during the first quarter. Azzad Asset Management Inc. ADV now owns 38,347 shares of the company’s stock valued at $677,000 after acquiring an additional 740 shares during the last quarter. Mount Yale Investment Advisors LLC increased its position in shares of Permian Resources by 3.1% during the first quarter. Mount Yale Investment Advisors LLC now owns 25,690 shares of the company’s stock worth $454,000 after purchasing an additional 781 shares in the last quarter. Chilton Capital Management LLC raised its stake in Permian Resources by 4.6% in the 1st quarter. Chilton Capital Management LLC now owns 22,868 shares of the company’s stock valued at $404,000 after purchasing an additional 1,000 shares during the last quarter. Truist Financial Corp boosted its stake in Permian Resources by 9.4% during the 4th quarter. Truist Financial Corp now owns 12,653 shares of the company’s stock worth $172,000 after purchasing an additional 1,086 shares during the last quarter. Finally, Parallel Advisors LLC grew its holdings in shares of Permian Resources by 117.0% during the fourth quarter. Parallel Advisors LLC now owns 2,185 shares of the company’s stock worth $30,000 after buying an additional 1,178 shares in the last quarter. 91.84% of the stock is owned by hedge funds and other institutional investors.

Permian Resources Company Profile

Permian Resources Corporation, an independent oil and natural gas company, focuses on the development of crude oil and related liquids-rich natural gas reserves in the United States. The company's assets primarily focus on the Delaware Basin, a sub-basin of the Permian Basin. Its properties consist of acreage blocks in West Texas, Eddy County, Lea County, and New Mexico.